Fresh light has been thrown on the world of offshore bank accounts as a US Senate report investigated how Swiss bank UBS and Liechtenstein Global Trust allegedly helped wealthy individuals to evade US taxes, according to various media reports.

The report showed how eight individuals used offshore accounts to dodge taxes. Three of the eight are Frank Lowy, the Australian billionaire who runs the Westfield Group, the world’s largest owner of shopping centres; Richard Chong, a venture capitalist; and Harvey Greenfield, the owner of the Commonwealth Toy and Novelty Company.

A lawyer for Peter Lowy released a statement saying the Lowy family has done nothing improper, according to media reports.

The report also said Prince Phillipp of

Liechtenstein helped wealthy individuals evade taxes by meeting with them in his role as chairman of LGT. Prince Phillipp is the brother to the reigning sovereign, Hans-Adam II, and the uncle of

Liechtenstein’s hereditary prince, Alois.

Liechtenstein’s embassy in

Washington issued a statement Wednesday saying authorities in the principality would examine the findings carefully. “If any violations of
Liechtenstein law have occurred, the appropriate steps will be taken,” the statement said.

The report comes amid a widening investigation by federal prosecutors into the private banking practices of UBS, the world’s largest private bank. Two senior UBS executives are scheduled to testify on Thursday before the Senate panel.

The hearing will also include videotaped testimony from Heinrich Kieber, a German citizen and a former employee of LGT, who is in the witness protection program.